WVC 11 - 24 - 24
§11-24-24. Credit for income tax paid to another state.
(a) Effective for taxable years beginning on or after the
first day of January, one thousand nine hundred ninety-one, and
notwithstanding any provisions of this code to the contrary, any
financial organization, the business activities of which take
place, or are deemed to take place, entirely within this state,
shall be allowed a credit against the tax imposed by this article
for any taxable year for taxes paid to another state. That credit
shall be equal in amount to the lesser of:

(1) The taxes such financial organization shall actually have
paid, which payments were made on or before the filing date of the
annual return required by this article, to any other state and
which tax was based upon or measured by the financial
organization's net income and was paid with respect to the same
taxable year; or

(2) The amount of such tax the financial organization would
have paid if the rate of tax imposed by this article is applied to
the tax base determined under the laws of such other state.

(b) Any additional payments of such tax to other states, or to
political subdivisions thereof, by a financial organization
described in this section and any refunds of such taxes made or
received by such financial organization with respect to the taxable
year, but after the due date of the annual return required by this
article for the taxable year, including any extensions, shall
likewise be accounted for in the taxable year in which such additional payment is made or such refund is received by the
financial organization.

(c) For tax years beginning on or after the first day of
January, two thousand nine, the provisions of this section are null
and void and of no force or effect.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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